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New "Fiduciary Rules" Handed Down from Department of Labor Will Change Your Life

New Department of Labor rulings that affect financial advisers were handed down April 8, 2016 and created by Obama. They will cut advisers’ compensation by two-thirds and put 50 percent of all financial advisers out of work.  The reason given was to prevent abuse by financial advisers from charging too much money to give investment and retirement advise to their clients.  The strange thing is that the financial services industry has regulated itself so well, there has seldom been a complaint. To make sure the client is comfortable with products and planning they must sign at least five disclosure forms with their adviser.  
Just watch what happens over this next year when these rules are implemented.  You will lose access to highly trained professionals and be left to yourself to learn and make decisions.  And all this because Obama wanted to “save you fees.”
To illustrate what this means for you financially, I’ll use my own story of when I had bathroom tile that needed fixing. Over the years, some of the cement had gotten brittle and fallen out of the cracks in between the tile in my bathroom.  When I took a shower, the moisture got in between tiles and caused mold to grow.  Cleaning out the mold was difficult for me.  I tried to scrape and caulk the tile again and again, but each time I failed.  Finally I gave up and decided to hire a professional tile installer.  One hour later and everything was perfect!  The repair job has lasted for many years without any further problems.
In the same way, you can continue trying to make financial decisions you think you can just take care of yourself or you can work with a professional to help solve little problems that can turn into very big issues. But the opportunity to do that now has been greatly reduced thanks to Obama!

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